For immediate release
Market Strength Extends Through 2010
BCREA Fall 2009 Housing Forecast
Vancouver, BC – November 13, 2009. The British Columbia Real Estate Association (BCREA) released its Fall 2009 Housing Forecast today.
BC Multiple Listing Service® (MLS®) residential sales are estimated to increase 20 per cent to 82,900 units this year from 68,923 units in 2008. Residential sales in 2010 are forecast to increase a further 8 per cent to 89,600 units. The ten-year average is 82,800 units.
“A sharp rebound in consumer demand turned a potentially dismal year into a very strong year for home sales,” said Cameron Muir, BCREA Chief Economist. “Vancouver and Victoria, in particular, are posting near record unit sales this fall.”
President Scott Veitch Vice President John Tillie Past President Andrew Peck Chief Executive Officer Robert Laing
604.683.7702 604.683.8601 (fax) bcrea@bcrea.bc.ca www.bcrea.bc.ca
1420 – 701 Georgia Street West, PO Box 10123, Pacific Centre, Vancouver, BC V7Y 1C6
BC interior housing markets are also experiencing robust consumer demand as low mortgage rates and stronger market confidence drive home sales higher.
The average annual MLS® residential price in the province is expected to post a new record this year, rising 2 per cent to $463,200 and is forecast to climb an additional 4 per cent to $482,800 in 2010. BC MLS® Residential Sales020,00040,00060,00080,000100,000120,000UnitsSource: BCREA
“Recovery in the BC economy will unfold gradually next year,” added Muir. “With sales prices in some markets flirting with record highs, affordability constraints will limit home price inflation over the next year.”
– 30 –
The full Fall 2009 Housing Forecast is available here: www.bcrea.bc.ca/economics/HousingForecast.pdf.
For more information, please contact:
Cameron Muir
Chief Economist
Direct: 604.742.2780
Mobile: 778.229.1884
Email: cmuir@bcrea.bc.ca
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Friday, November 13, 2009
Tuesday, November 10, 2009
Canadian Consumer Confidence Improving!
Canada
National consumer confidence continued to improve for the third consecutive quarter in the third quarter of 2009, according to the Conference Board of Canada’s index of consumer confidence. Consumer sentiment is up from the end of 2008, and now stands above pre-recession levels. The sharp rise in confidence resulted from improved sentiment about households’ budgetary outlook, job growth prospects, and major purchases.
Consumer confidence was down slightly in October 2009 after seven consecutive monthly gains, but remains well above where it stood in the third quarter of 2008.
The balance of sentiment about making major purchases, such as a home or a car, broke into positive territory for the first time since the first quarter of 2008. Sentiment was on par with upbeat levels last seen at the end of 2007.
The balance of sentiment about making major purchases edged lower in October, but stayed positive for the third consecutive month.
A positive balance of sentiment means more survey respondents said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This indicator is an important factor underlying the housing market.
Sentiment about job growth prospects continued to improve significantly in the third quarter of 2009, rising into positive territory for the first time since the first quarter of 2008. More survey respondents expect employment to pick up over the next six months, and fewer expect more layoffs.
The balance of sentiment about households’ budgetary outlook also rose in the third quarter. A positive balance of opinion means more households said they expect their household budget to improve in the next six months than said they think it will worsen.
British Columbia
Consumer confidence in British Columbia continued improving in the third quarter of 2009, with the Conference Board of Canada’s index of consumer confidence rising to the highest quarterly level since the first quarter of 2008.
Consumer confidence rose further in October, reaching the highest monthly level since May 2008.
Sentiment about making major purchases, such as a home or a car, rose in the third quarter, building on improvements in the previous two quarters. The balance of sentiment about major purchases now stands in positive territory for the first time since the third quarter of 2007.
The balance of sentiment about major purchases dipped slightly into negative territory in October.
A negative balance of opinion means more survey respondents said that it was a bad time to buy a big-ticket item, such as a home or car, than said it was a good time to do so. This indicator is an important factor underlying the housing market.
Sentiment about job growth prospects continued improving in the third quarter of 2009, building on increases in the previous two quarters. The balance of sentiment about job growth prospects remains just shy of positive, but is up from levels recorded in the second quarter of 2008.
After turning positive in the second quarter, the balance of sentiment about the outlook for household budgets continued improving in the third quarter of 2009.
Prairie region
Consumer sentiment in the Prairie region improved for the second consecutive quarter in the third quarter of 2009, returning to pre-recession levels.
Consumer confidence was also up slightly in October 2009.
Sentiment about making major purchases, such as a home or a car, improved for the third consecutive quarter. The balance of sentiment about making major purchases entered positive territory for the first time since the first quarter of 2008.
The balance of sentiment about major purchases remained positive in October 2009, despite having softened compared to September. This is the third consecutive month in which the balance remained positive.
A positive balance of sentiment means more survey respondents said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This indicator is an important factor underlying the housing market.
Sentiment about the prospects for job growth continued to improve, building on the significant increase in the previous quarter. The balance of opinion about job growth has been positive for two consecutive quarters.
The balance of sentiment regarding the outlook for household budgets also improved in the third quarter, and is now on par with levels from the first quarter of 2008.
Ontario
Consumer confidence in Ontario climbed for the third consecutive quarter in the third quarter of 2009, according to the Conference Board of Canada’s index of consumer confidence.
Consumer confidence continued its steady ascent in October 2009, building on increases since the beginning of the year. Consumer confidence now stands at the highest level since the first quarter of 2008.
Sentiment about making major purchases, such as a home or a car, improved for the third consecutive quarter. The balance of opinion about making major purchases was positive for the first time since the fourth quarter of 2007, and stood just below levels from that quarter.
The upward momentum in the balance of opinion regarding major purchases continued into October. The balance of sentiment remained in positive territory for the third consecutive month, and reached the highest level since the fourth quarter of 2007.
A positive balance of opinion means more households said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This is an important factor underlying the housing market.
Sentiment about job growth prospects in Ontario has improved significantly, returning to pre-recession levels. The balance of sentiment was just shy of positive in the third quarter, and was equal to levels from the third quarter of 2007.
The balance of sentiment about the outlook for household budgets remained positive in the third quarter of 2009, after rebounding sharply in the previous quarter.
Quebec
Consumer sentiment in Quebec continued to improve in the third quarter of 2009, with the Conference Board of Canada’s index of consumer confidence back on par with pre-recession levels.
Consumer confidence levels edged lower in October 2009 from the peak in September, back on par with where it stood in August.
The balance of sentiment about making major purchases, such as a home or a car, improved significantly in the third quarter after having returned to positive territory for the first time in more than a year in the second quarter. A positive balance of opinion means more households said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This indicator is an important factor underlying the housing market.
The balance of sentiment about major purchases was down significantly in October, but remained positive.
The balance of opinion about job growth prospects improved significantly in the third quarter of 2009, coming to rest just shy of positive territory. This was the best result since the first quarter of 2008.
Sentiment about the outlook for household budgets over the next six months also improved in the third quarter, becoming more upbeat than in any other quarter since the fourth quarter of 2007.
Atlantic region
Consumer sentiment rebounded above pre-recession levels in the third quarter of 2009. Consumer confidence rose for the third consecutive quarter, according to the Conference Board of Canada’s index of consumer confidence for the region.
Consumer confidence levels held steady in October compared to the previous month, remaining above where they stood in the second quarter of 2008.
Sentiment about making major purchases, such as a home or a car, continued to improve in the third quarter. The balance of sentiment entered positive territory for the first time since the first quarter of 2008, building on increases from the previous two quarters.
The balance of opinion regarding major purchases as of October 2009 was down slightly from September, but remained positive for the second consecutive month.
A positive balance of sentiment means more survey respondents said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This indicator is an important factor underlying the housing market.
After improving for the third consecutive quarter, sentiment about job growth prospects was just shy of entering positive territory in the third quarter of 2009.
By contrast, sentiment about the outlook for household budgets over the next six months was down in the third quarter compared to the previous quarter, but remained in positive territory for the third consecutive quarter.
(CREA 10/10/09)
National consumer confidence continued to improve for the third consecutive quarter in the third quarter of 2009, according to the Conference Board of Canada’s index of consumer confidence. Consumer sentiment is up from the end of 2008, and now stands above pre-recession levels. The sharp rise in confidence resulted from improved sentiment about households’ budgetary outlook, job growth prospects, and major purchases.
Consumer confidence was down slightly in October 2009 after seven consecutive monthly gains, but remains well above where it stood in the third quarter of 2008.
The balance of sentiment about making major purchases, such as a home or a car, broke into positive territory for the first time since the first quarter of 2008. Sentiment was on par with upbeat levels last seen at the end of 2007.
The balance of sentiment about making major purchases edged lower in October, but stayed positive for the third consecutive month.
A positive balance of sentiment means more survey respondents said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This indicator is an important factor underlying the housing market.
Sentiment about job growth prospects continued to improve significantly in the third quarter of 2009, rising into positive territory for the first time since the first quarter of 2008. More survey respondents expect employment to pick up over the next six months, and fewer expect more layoffs.
The balance of sentiment about households’ budgetary outlook also rose in the third quarter. A positive balance of opinion means more households said they expect their household budget to improve in the next six months than said they think it will worsen.
British Columbia
Consumer confidence in British Columbia continued improving in the third quarter of 2009, with the Conference Board of Canada’s index of consumer confidence rising to the highest quarterly level since the first quarter of 2008.
Consumer confidence rose further in October, reaching the highest monthly level since May 2008.
Sentiment about making major purchases, such as a home or a car, rose in the third quarter, building on improvements in the previous two quarters. The balance of sentiment about major purchases now stands in positive territory for the first time since the third quarter of 2007.
The balance of sentiment about major purchases dipped slightly into negative territory in October.
A negative balance of opinion means more survey respondents said that it was a bad time to buy a big-ticket item, such as a home or car, than said it was a good time to do so. This indicator is an important factor underlying the housing market.
Sentiment about job growth prospects continued improving in the third quarter of 2009, building on increases in the previous two quarters. The balance of sentiment about job growth prospects remains just shy of positive, but is up from levels recorded in the second quarter of 2008.
After turning positive in the second quarter, the balance of sentiment about the outlook for household budgets continued improving in the third quarter of 2009.
Prairie region
Consumer sentiment in the Prairie region improved for the second consecutive quarter in the third quarter of 2009, returning to pre-recession levels.
Consumer confidence was also up slightly in October 2009.
Sentiment about making major purchases, such as a home or a car, improved for the third consecutive quarter. The balance of sentiment about making major purchases entered positive territory for the first time since the first quarter of 2008.
The balance of sentiment about major purchases remained positive in October 2009, despite having softened compared to September. This is the third consecutive month in which the balance remained positive.
A positive balance of sentiment means more survey respondents said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This indicator is an important factor underlying the housing market.
Sentiment about the prospects for job growth continued to improve, building on the significant increase in the previous quarter. The balance of opinion about job growth has been positive for two consecutive quarters.
The balance of sentiment regarding the outlook for household budgets also improved in the third quarter, and is now on par with levels from the first quarter of 2008.
Ontario
Consumer confidence in Ontario climbed for the third consecutive quarter in the third quarter of 2009, according to the Conference Board of Canada’s index of consumer confidence.
Consumer confidence continued its steady ascent in October 2009, building on increases since the beginning of the year. Consumer confidence now stands at the highest level since the first quarter of 2008.
Sentiment about making major purchases, such as a home or a car, improved for the third consecutive quarter. The balance of opinion about making major purchases was positive for the first time since the fourth quarter of 2007, and stood just below levels from that quarter.
The upward momentum in the balance of opinion regarding major purchases continued into October. The balance of sentiment remained in positive territory for the third consecutive month, and reached the highest level since the fourth quarter of 2007.
A positive balance of opinion means more households said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This is an important factor underlying the housing market.
Sentiment about job growth prospects in Ontario has improved significantly, returning to pre-recession levels. The balance of sentiment was just shy of positive in the third quarter, and was equal to levels from the third quarter of 2007.
The balance of sentiment about the outlook for household budgets remained positive in the third quarter of 2009, after rebounding sharply in the previous quarter.
Quebec
Consumer sentiment in Quebec continued to improve in the third quarter of 2009, with the Conference Board of Canada’s index of consumer confidence back on par with pre-recession levels.
Consumer confidence levels edged lower in October 2009 from the peak in September, back on par with where it stood in August.
The balance of sentiment about making major purchases, such as a home or a car, improved significantly in the third quarter after having returned to positive territory for the first time in more than a year in the second quarter. A positive balance of opinion means more households said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This indicator is an important factor underlying the housing market.
The balance of sentiment about major purchases was down significantly in October, but remained positive.
The balance of opinion about job growth prospects improved significantly in the third quarter of 2009, coming to rest just shy of positive territory. This was the best result since the first quarter of 2008.
Sentiment about the outlook for household budgets over the next six months also improved in the third quarter, becoming more upbeat than in any other quarter since the fourth quarter of 2007.
Atlantic region
Consumer sentiment rebounded above pre-recession levels in the third quarter of 2009. Consumer confidence rose for the third consecutive quarter, according to the Conference Board of Canada’s index of consumer confidence for the region.
Consumer confidence levels held steady in October compared to the previous month, remaining above where they stood in the second quarter of 2008.
Sentiment about making major purchases, such as a home or a car, continued to improve in the third quarter. The balance of sentiment entered positive territory for the first time since the first quarter of 2008, building on increases from the previous two quarters.
The balance of opinion regarding major purchases as of October 2009 was down slightly from September, but remained positive for the second consecutive month.
A positive balance of sentiment means more survey respondents said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This indicator is an important factor underlying the housing market.
After improving for the third consecutive quarter, sentiment about job growth prospects was just shy of entering positive territory in the third quarter of 2009.
By contrast, sentiment about the outlook for household budgets over the next six months was down in the third quarter compared to the previous quarter, but remained in positive territory for the third consecutive quarter.
(CREA 10/10/09)
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